Accommodation and food services activities witnessed a strong 11.1 per cent growth in the first nine months of the year
Dubai registered a 3.3 per cent rise in the real gross domestic product (GDP) in the first nine months of 2023, as revealed by the latest figures from the Dubai Data and Statistics Establishment.
Accommodation and food services activities witnessed a strong 11.1 per cent growth. The value added by these activities in the first nine months of 2022 was Dhs10bn, growing in the same period in 2023 to Dhs11.1bn.
Transportation and storage services followed suit, surging by 10.9 per cent, highlighting the emirate’s role as a prominent international logistics hub. The contribution of transport and storage activities to GDP increased from 12.2 per cent in the first nine months of 2022 to 13.1 per cent in the same period of 2023.
The information and communications sector saw a 4.4 per cent increase. While the value of the sector’s activities was about Dhs14.3bn in the first nine months of 2022, it rose to Dhs15bn in the same period of 2023.
Real estate activities increased by 4 per cent in the first nine months of 2023. This brought the sector’s value to a robust Dhs26.8bn, reflecting continued demand for both residential and investment opportunities across the emirate.
Dubai’s financial and insurance sector, a significant contributor to the economy, posted a growth of 2.7 per cent, reaching Dhs7.3bn in the first nine months of 2023.
The value added by the education sector in the first nine months of 2022 reached Dhs5.7bn, rising to Dh5.8bn in the same period of 2023, a growth of 2.6 per cent.
Dubai’s manufacturing sector saw 2.2 per cent growth, pushing its value to Dhs27.4bn in the first nine months of 2023. This steady progress showcases the emirate’s adaptability and commitment to fostering diverse industries.
Dubai’s electricity, water, and waste management sector grew 2.2 per cent to reach Dhs10.9bn in the first nine months of 2023.
As per Dubai Data and Statistics Establishment figures, many other activities showed growth. These included professional, scientific, and technical activities, which expanded by 1.9 per cent, construction activities which rose by 1.6 per cent, and wholesale and retail trade activities, which expanded by 1.5 per cent.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, applauded Dubai’s continued economic attractiveness.
Sheikh Hamdan bin Mohammed said. “This success is the result of the harmonious collaboration between all of Dubai’s economic stakeholders, including its public and private sectors. It is also a reflection of Dubai’s favourable economic climate, robust world-class infrastructure, pro-business regulations and deep talent pool which together consistently draw in a diverse array of investors and entrepreneurs from all corners of the globe.”
He further noted that the latest growth figures paint a clear picture of progress towards the ambitious goals of the Dubai Economic Agenda D33, which aims to double the city’s economic growth and make it one of the world’s top three urban economies by 2033.
“To maintain this growth trajectory, we are focused on building on our strategic partnerships and further enhancing our frameworks for innovation, investment and enterprise, reinforcing Dubai’s position as a leading global economic hub in the coming decade,” Sheikh Hamdan added.
Dubai: Data reflects GDP growth
Younus Al Nasser, chief executive of the Dubai Data and Statistics Establishment, Digital Dubai, said, “In today’s world, real-time data is a true mirror of the economic reality of any city or country. The data we are witnessing on Dubai’s performance in the first nine months of 2023 contributes to attracting investors looking for a better future in an economic environment that keeps pace with development and creates the best opportunities to turn economic results into inspiring and attractive success stories.”
Hadi Badri, CEO of the Dubai Economic Development Corporation, Dubai Department of Economy and Tourism, said, “Dubai’s economic performance is a clear reflection of the effective policies and initiatives that we have implemented as part of our long-term development roadmap. This strategy, envisioned and set forth by our leadership, is not just a plan but a reality that is coming to fruition in our emirate.
“Looking forward, we aim to solidify Dubai’s position as a top strategic priority for global business decision-makers in 2024. Our goal is to ensure that Dubai remains at the forefront of economic innovation and a hub for international investment, leveraging our unique position to offer unparalleled opportunities for the global market.”
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